We’re fast moving into a world without paid media – but the notion that it’s not the end of the mediascape was the overarching sentiment expressed by IPG Mediabrands’ CEO, Danny Bass, at the Media Summit. Bass said various sources have predicted between 20% and 60% of media budgets will move into different, unpaid channels over the next three to five years.
“The industry is looking at potentially billions of dollars moving away from areas we know. The movement in paid media will have an enormous effect on each and every one of you,” Bass told the crowd in a keynote session designed to rattle the status quo, not predict doomsday.
The deal between the consumer, the brand and the media owner has changed, Bass explained, but the industry is in a position where it can control the disruption. Channelling David Bowie, he added “we can own this and we can be the heroes - the future is now”.
There’s ever-increasing channels for clients to spend their marketing dollars and one of the best ways to attract those dollars is relevance – bridging the gap between brand and consumer.
“It’s imperative we evolve too. Just as our phones have become our clocks, our lifelines and our communities, brands and their products must become more,” Bass said.
He was joined on stage by News Corp account manager, Angus Davidson, along with Virgin Mobile associate director of brands and communication, Serina Saroian, and Initiative strategy director, Kristine Ballensky, to offer perspectives from client, media owner and agency.
Ballenksy highlighted that the evolution of media has almost come full circle to the time before advertising when ideas were spread through word of mouth, saying it’s an agency’s job to navigate that.
Davidson explained it was common sense that advertising opportunities for News Corp have to change as audiences continue to fragment.
“In terms of advertising, the important thing to remember is what brands are trying to do is motivate change,” he said.
Saroian added that as a client there will always be a role for paid media but that Virgin is becoming more reliant on its owned assets.
“If you look at the [telco] category we are massively outspent in media. It’s what you do with assets and the combination of paid, earned and owned together that make it powerful,” she said.
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